William Post III

William Post III proved Notorious B.I.G.’s adage true: more money, more problems. After Post won $16.2 million in the Pennsylvania lottery in 1988, he fell victim to crime, bankruptcy, tragedy and simply poor spending habits. In the two weeks after he received his first annual payment of nearly $500,000, he had already blown two-thirds of it, purchasing a restaurant, a used-car lot, and an airplane. His reckless spending continued; within three months, he was $500,000 in debt. But numbers were the least of his problems. According to Yahoo News, Post’s brother was arrested for hiring a hit man to try to kill him and his sixth (yes, sixth) wife; his relatives convinced him to invest in worthless business ventures; and his landlady duped him into handing over a third of his cash. He ultimately filed for bankruptcy, and faced a stint in jail for firing a gun at a bill collector.

“Everybody dreams of winning money, but nobody realizes the nightmares that come out of the woodwork, or the problems,” Post said in 1993, according to the Washington Post.

It seemed unlikely that the windfall could do anything but good for Post, who had already endured a hard-knock childhood in an orphanage and a nomadic young adulthood. According to the Post, he told reporters that he was surviving on disability payments and had a mere $2.46 in his bank account on the day he won millions. Still, the win did little improve his lot in life, and Post allegedly claimed, “I was much happier when I was broke.” Post died of respiratory failure in 2006 at age 66, leaving behind his seventh wife and nine children from his second marriage.

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I don't understand, If my state required I identify myself, I would take the 2 hours and go to the court house and change my legal name to something like "John Smith". I would rent a PO Box and an apartment for a couple of months, open a bank account etc...and I would hire a lawyer to help me set up trusts etc... and use every legal recourse to keep my given name out of press/papers. Then I would claim my prize and vanish into "John Smith" land....

Poor girl. She's not the only one though- and nor will she be the last. Read an article on https://www.worldlotteryclub.com/ that said 70% of people lose their lottery winnings within a few years. Crazy!

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@LinderOseghale ,, what is this reply.. who is this Dr Okoro and BS,... why he gives services. he can cast spell to win himself every time.. since he is not winning every time,, his bogus services are BS.

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He should have claimed the money anonymously in the form of a living trust. In states where he has to make public appearances...he should have been in full disguise. These two things would have saved him much trouble. This man was already worth a lot of money so there is really no excuse for this foolishness and financial irresponsibility on his part. This should be a warning to all as well that if you get rich...loved ones may not be able to handle it. Do not over indulge them as this can lead to addiction and the money can do more harm than good. Grant incentives for doing things if you want to give gifts. For instance, if a relative you want to 'bless' financially is an addict...then tie gifts to his or her finishing a rehab treatment. If a child is too be the recipient of your gifts...then tie it to completion/graduation of a college course of study. Have friends sign non-disclosure/confidentiality agreements which in most cases bind them to keeping quiet for at least 5 years. This will certainly protect your identity for a while. If all else fails...move and change numbers! If they can't find you then they can't beg. Of course, keep real friends and family close that have been there for you in the bad times as well as the good but all those who suddenly appear out of the woodwork...leave them there. Again, trusts...are the way to go. They can operate the estate according to your specifications at a time when you have been able to sit down with a lawyer/estate planner and make your wishes known. Level headed thinking in the beginning can prevent problems down the road. For instance, a winner can have a financial estate planner named as a trustee. This trustee can then issue say...5,000 a week into an account for the winner each week for the rest of his or her life. In this way...the winner never goes broke and has a steady stream of income. The trustee may also keep tract of beneficiaries and keep the estate out of probate.

honestly tho, what n the heck could one do to avoid frivolous civil lawsuit's ...i mean think about it, you'd be such target. hypothetical situation: You win the lotto for like 16 mill and you decide to donate a chunk to an honest and reputable charity and it signal's in the radar to other "charity organizations" (maybe not so honest ones-believe me they're out there) and so another charity hits you up for a tidy little sum with veiled threats to litigate on the basis of discrimination if you turn them away with a polite "No Thanks". then suppose you call their bluff and tell em to go pound salt anyway and they come at you with their greasy law team who's all too practiced at these kind of things. you start to feel the pinch as things begin to heat up and sent from one Selbreit & Fields LLP stacked 1" thick with established case numbers interrogatory documents start appearing in your PO Box, your home address and the home addresses of relatives, friends, the 7-11 you frequent and even at Home Depot (of all places!). it this point you'd just be like…"oh who needs the stress" just tell that lawyer you chose out of haste that you wish to settle(i.e. fate sealed of the outcome's of most certain repeating occurrences as word spreads about the free water available from you), more and more you find yourself on guard and stress sets in to your everyday situations but hey!! whats to worry about… your still rich as heck! ..so you begin to treat yourself and start right off with a boat, a business a house & 500k home entertainment center and car with pinball machines and this etches a neural pathway for instant gratification and a habit for path of least resistance that seems to elude any further efforts you make at recovering you're original ideals of prudence and conservation and the ole… "we're going to do the right thing(for once) with this money… and keep our day jobs"…but hey we're still rich! what's to worry about, right?? well that's all fine and dandy until, in the unfamiliar territory of instantaneous gratification(run amok) vs the mounting pressures of a once benign-by contempt society that ignored you now antagonizes, threats and dogs your every seconds days and months and the burden is one so strange you have not a clue as how to fathom the full spectrum of the implications so, in your efforts to better feel connected, you reach out to those closest to you that are either certain to spin out of control with addiction problems or are completely maniacal about satisfying their jealousy issues by exploiting you any way they can and the seductiveness of such near proximity to what looks like limitless riches for years upon years only dreamt about now corrupts those couple or just few you hold the most dearest and suddenly you realize you are truly alone with a gang of cash and woefully under qualified values habits, friends and relatives and wolf like predators who are experts at taking what they want and artfully silencing their prey. …so, you wanna win and you think you can handle the BIG ONE huh?? Good Luck!

I like to hear how everybody would do different if only they had the money. Course, you think everyone stupid that screws up their life, but 70% of big time athletes are broke after retirement. Many are very smart people who just do not know how to handle finances.

The happiest time in my life was when I was considered poor. Now that I make good money I have to deal with everything else that feels like a ball and chain. Course, it's not millions.

What killed these people was not knowing how to say NO, and they needed to move away and live around people that also had money, best if it was actually earned money. They could learn a thing or two by hanging out with people that know how to handle money.

These winners are just plain dumb and stupid. I don't get how life gives them an opportunity to succeed and they don't appreciate it. While the rest of the world has to struggle everyday to make ends meet. I don't feel sorry for these losers at all!!!!

1. If someone gains illegal access to your account and withdraws the money, I don't know of any major bank that doesn't cover theft.

2. If it wasn't a wireless hijacking of his account, his signature would at the very least be needed to withdraw funds. Or were these people he had on the account? People he gave his account information to?

I need more deets because that makes no sense to me.

I assume this guy has brains because he had already been worth $17M before winning. Money he earned, not money that was given to him. So how is it he wins a jackpot and starts acting like he doesn't have a lick of sense? Don't leave half a mil in cash in your car when you're at a strip club. Common sense 101.

its people like this who prove my point that we can never reach a poverty free society. smart people will learn to earn money from stupid people and stupid people will gladly pay it to them only to complain later after they are broke that life isnt fair. stupid people will always exist and there will always be someone smarter. poverty is forever.

@jonluu: Yea so your saying what exactly? Essentially that most people are just in poverty due to stupidity? I disagree with that nonsense stereotype, but hey lets just roll with that for a minute... So because some percentage of people have lower quality genes, it somehow justifies inaction on poverty? Or worse, it somehow justifies those less intelligent people being systematically exploited?

Even if I don't dispute those in poverty may be less intelligent, It's pretty obvious their mental capacities were never a choice. It's also clear that some people will always lack the intellect derived wisdom to handle personal finance. How exactly does that result in society bearing no responsibility? I'll just roll with that one, where does it lead? A society which only benefits those with high capability, might not seem like a society worth preserving. I tend to believe those same people may behave irrationally, hell even violently, and now that they don't care for your society why not revolt? Seems like society now only exists to protect wealth and property, and since those in poverty have neither, why not destroy your pleasent world?

My point is, I can't disagree with the facts, many people shock and annoy me with their lack of wisdom and intellect. This fact does NOT mean we have no societal responsibility, even if it's just the bare humane essentials. How much is a matter of politics, but your politics appear to lack balance, and historically imbalance leads to violent revolution.

If you do not have the mindset to handle the issues that can arise simply because of the notoriety and attention that you would naturally attract, that, in and of itself will cause huge problems for someone. If you also do not have the mindset to manage or learn to manage such amounts of money, and you also do not have self discipline and sound judgment, this is also causes problems. People DO change when money is involved. And typically it is the other people around you. All of a sudden you can find that people who you may consider close family and friends will suddenly think you owe them something and will act accordingly. Should you not give them what they want, you may find that you now have those same people as obstacles if not outright enemies.

When I win, just like FredDerf said, the prize will definitely be claimed through a corporate entity or trust. This should apply to anyone who has substantial assets - All substantial assets such as real estate, vehicles will be purchased also under a corporate entity or trust. THAT is how truly wealthy people live. You see the things they want you to see.

obviously, the most important thing to do is claim the prize anonymously through a blind trust, corporation, etc. - if for no other reason that you won't have a bunch of leeches, i mean reporters, following you around waiting to glory in your every mis-step - what gives them the right anyway?

All the stuff I just read up their of how these people spent and lost their money these people obviously could not handle it because it seems the stuff they used the money on was so dumb. The smart thing I would do have multiple bank accounts collect what ever interest I can off the earning and use that as like spending money. Maybe by a House and a car. Give to my immediate family to pay of bills. Other than that If its your win its your choice of who your money is going to and who you chose to give it to. People just automatically believe that because its a family member then won too that is not the case. If I won It would be my win I would help my immediate family and if there is something they want they can ask for it as well as far as this goes if I ever won like 90 million or close to that cleared I would do like I said Interest it , Open a business, buy new house and a car and help parents and immediate family this money is not for long lost cousins that come out of no where. Everyone doesn't have to be stupid with there money these people couldn't handle it I am sure there are so many other people who have ideas dreams like me rather than buying a stupid boat or waste on nonsense.

I was watching Oprah some years ago about lottery winners. There were stories like these of course and there was also some success stories and one of them who did it right found a reliable website with advice on what to do upon winning a lottery. Perhaps it makes a difference if one does have the common sense and self-restraint to take a breather to at least think about their logical next step rather than follow their heart.

@djmeyer IKR? Jack Whittaker kept leaving large sums of cash in his car and is surprised got robbed. After the first time, it should have been a lesson. Instead he did it again. That was stupidity plain and simple. He didn't deserve to get any of it back. Plus, his granddaughter was a drug addict and instead of paying for rehab he gave her an unlimited allowance. Who couldn't see that end result coming a mile away?

William Post III ... Winnings: $315 million ... Post won $16.2 million in the Pennsylvania lottery in 1998 ... “Everybody dreams of winning money, but nobody realizes the nightmares that come out of the woodwork, or the problems,” Post said in 1993

See, these people are idiots. I would contact my financial advisor, get 25% of it socked away immediately, pay off the house I'm in and buy passive income property, like a parking lot or laundromat. AFTER that, there is some spending to be done, but keep I'd mouth shut that I'd won and save, save, save. Spend a little, save a little, spend a little, save a little... lather, rinse, repeat.

It's common sense to use your financial advisor if you've got that much money coming in. Would you do your own knee surgery or build your own 747 jet? No, because you're not qualified.

SIMPLE IS A PRIZE OF 500 MILLION EUROS! TEN MILLION PEOPLE TO PLAY HIM, NOW GIVE THIS AWARD, FOR THE MONEY The TB GIVES TO KILL, BUT WHAT MATTER IS TO BE A GAME TO CLEAN OUT LUCK, OR ELSE TB THAT LOOK LIKE ME TO THOSE UNFORTUNATE THAT NEVER WON A PRIZE IN LIFE, PEOPLE'S MONEY TO BE DELIVERED TO WHOM THE UNHAPPY AND THAT HATES It TO DEAL IN MANY UNHAPPY WITH LITTLE LUCK.

If you report the negative you must report the good. Doing this will give broad insight about how to properly handle large sums of money and let it work for you and not against you. It can be done. One thing that I would advise is NOT to stop working. When you begin spending (pouring out) and not bringing nothing in your fortune will disappear quick. Keep a stream of income coming in while you are putting out and monitor what you are spending. Lastly, don't tell everyone it wont make you special all of a sudden if you were not special before it happened!

Why are some people just so snotty about the lottery? Especially the overeducated ones? We all know there's a very slim chance we'll win, you don't have to tell us that. It's a dollar or two, and a dream. Quit being negative.

What I find most amusing is your negative reporting of this, as some kind of a curse. Why don't you also report on the lottery winners, who are still living, and have not squandered away their winnings. I guess that would not be as interesting of a story?